- The most expensive city in the world is Singapore. A placement the country has maintained for seven years straight. But both Osaka and Hong Kong are in a tie with Singapore for the first place.Meaning for the year 2020, the three cities are the most expensive with Singapore coming first.
As long as there are billionaires in this world, there will always be that public service out there or rather, item. that only them can have the privilege of bringing under their control. And even though the most expensive city in the world is not exactly an item to be bought, it is a subject that only the richest can fully appreciate.
Wealth is a privilege that should be considered an economic passport. That gets easy access to life’s many comforts and impresses on the mind of observers what it feels and look like to be among the most powerful in the world.
Imagine how observers felt when that Tibetan Mastiff in 2014 was made the most expensive dog in the world because a wealthy man had enough cash to throw around and in that spirit paid almost $2 million for ownership
But the thing is, just like a human being or animals, a place or in this context, a city can be the carrier of such wealth or price tag. And this post is here to talk about those cities in the world that are considered expensive because of the level of financial surplus needed to enjoy their hospitality.
This fact is researched by Worldwide Cost of Living Survey carried by The Economist Intelligent unit. The survey has been carried for 30 years now and for only the second time in 30 years, three cities share the top spot as the world’s most expensive city to live in.
The Worldwide Cost of Living is a bi-annual Economist Intelligence Unit survey that compares more than 400 individual prices across 160 products and services.
The survey incorporates easy-to-understand comparative cost-of-living indices between cities.
It takes an average of the indices for all cities surveyed and uses New York as the base city.
The results are primarily used by firms to negotiate appropriate compensation when relocating staff.
On a global level, the survey found the cost of living falling by around 4 per cent on average across the 133 cities surveyed. 1
Most Expensive City In The World
1. (tie) Singapore
1. (tie) Osaka, Japan
1. (tie) Hong Kong
SINGAPORE was able to still hold on to its first-place seat as the world’s most expensive city for expatriates for the seventh straight year, but that spot is being shared with Hong Kong and Osaka. Making Singapore, Osaka Japan and Hong Kong the most expensive cities in the world.The year 2020, saw Singapore become 2 per cent more expensive than New York – the base city for comparison, while standing on equal level with Osaka.
This is a big reduction from last year, during which, Singapore was 7 per cent more expensive than New York and 6 per cent higher than Osaka for expatriates.
In Singapore this year, the average price for a one-kilogramme loaf of bread fell to US$3.35 from US$3.40 a year ago.
The average price of a bottle of beer dropped to US$2.25 from US$2.37 the year prior.
While the average price of men’s two-piece business suit and women’s haircut held steady at US$1,167.14 and US$96.01 respectively.
“While there was upward pressure in Singapore this year because of rising electricity costs and the strong currency, this was offset by flat or cheaper prices for other goods, such as restaurant meals and supermarket staples,” said Simon Baptist, global chief economist at The EIU. 2
Osaka surpassed Paris as one of the world’s most expensive cities,
The city climbed three places to the top of the rankings, all thanks to the strengthening of the yen currency.
In Osaka, a loaf of bread goes for an average of $5.63, which is nine times more than the $0.61 average in the cheapest city of Damascus.
The researchers found the average price of a men’s two-piece business suit in Osaka stood at $1,483.82, far above the $960.85 in Tokyo.
4. New York City, New York
New York City has the world’s largest urban economy and in 2018 New York witness saw its biggest economic boom in 70 years.
One very powerful reason why it will always feature on the list of the most expensive city in the world.
5. (tie) Paris
5. (tie) Zurich, Switzerland
The French capital fell four places in the 2020 ranking, overtaken by New York which climbed three places higher from 2019 to be named the world’s fourth most expensive city.
7. Tel Aviv, Israel
The only Middle Eastern city in the top 10 is Tel Aviv in seventh, which the EIU says has experienced booming exports in recent years, making the Israeli shekel one of the strongest currencies in the world.
8. (tie) Los Angeles, California
8. (tie) Tokyo
10. Geneva, Switzerland
Nicholas Fitzroy, The EIU’s Risk Briefing Director and editor of the survey, said: ‘The survey shows some striking contrasts, with opposing trends in local currencies, inflation and domestic demand growth, seeing the comparative cost of living falling across Europe, while it rises in North America.
‘Similarly, the survey shows that there remains stark structural differences in the cost of living in Asia’s most expensive business hubs, such as Hong Kong and Singapore, and its cheapest, such as Bangalore and Chennai.’
One crucial fact to take into consideration is that the current survey on the most expensive city in the world was carried in November 2019 before the outbreak of COVID-19 outbreak.
What this means is that cities that rely heavily on income from tourism, including Hong Kong and Singapore, could see their economies contract and their cost of living fall. Because of the fact that the Covid-19 pandemic has already had a major impact on the global financial system.